Philippines SEC orders Apple and Google to remove Binance from app stores

The Philippines’ Securities and Exchange Commission (SEC) instructed Google and Apple to take down the Binance app from their app markets for Filipino users.

The SEC announced on April 23 that it’s collaborating with major tech firms to take down apps connected to Binance, the renowned cryptocurrency company. These companies were reportedly given individual notices on April 19 to eliminate the apps from their local marketplaces.

“The SEC has identified [Binance] and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos.”

Emilio B. Aquino, head of the Securities and Exchange Commission (SEC), warned against illegally selling or providing securities for sale to residents without registration, and conducting unregistered broker activities, as these actions go against the Philippines’ securities laws.

By taking down Binance apps from digital markets, these companies can aid in stopping the spread of Binance’s alleged illegal actions within the country, thus preventing potential harm to the local economy.

Following this action, access to Binance websites was denied by the SEC and NTC on March 25th.

Since November 2023, the SEC has cautioned the public against utilizing Binance for investment purposes. This global crypto exchange, known for its size, has not obtained the necessary license to invite public investment or run a platform for buying and selling securities from the SEC.

Starting on April 8, after enforcing the ban on Binance, an SEC representative reminded users that they had been given a three-month window, with an extra extension, to withdraw their funds from the platform. After this timeframe, the SEC stated that they would no longer support any methods for recovering funds.

Following the SEC and NTC’s crackdown on February 21, which involved blocking and banning unauthorized cryptocurrency trading platforms within the country, Binance was later targeted for a blockage. Initially, Binance had not been affected by these actions.

Recently in Canada, Binance faces a new class-action lawsuit initiated on April 23rd, as accusations emerge that they have broken the country’s securities regulations.

On the contrary, the cryptocurrency exchange revealed on April 18 that they will resume operations in India following a $2 million penalty paid for past regulatory violations.

On the very same day, news broke out that Binance obtained the highly sought-after Virtual Asset Service Provider (VASP) license from Dubai authorities. This came after Binance’s co-founder, Changpeng Zhao, relinquished his voting rights in the exchange’s local entity.

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2024-04-23 13:14